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APRIL 2014 CORPORATE PRESENTATION – The Laclede Group, Inc.

The Laclede Group, Inc. · Apr 7, 2014 · 17 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. APRIL 2014 CORPORATE PRESENTATION – The Laclede Group, Inc. – slide 1
    ACQUISITION OF ALABAMA GAS CORPORATION April 7, 2014
  2. APRIL 2014 CORPORATE PRESENTATION – The Laclede Group, Inc. – slide 2
    2
  3. APRIL 2014 CORPORATE PRESENTATION – The Laclede Group, Inc. – slide 3
    ALAGASCO ACQUISITION SUMMARY Purchase of the equity of Alabama Gas Corporation (Alagasco) from Energen Corporation Transaction 1.60 billion transaction value, subject to customary closing adjustments and Purchase 1.34 billion effective…
  4. APRIL 2014 CORPORATE PRESENTATION – The Laclede Group, Inc. – slide 4
    FAMILIAR TERRITORY FOR LACLEDE Urban city center as part of major metropolitan area with rural surroundings Geographic proximity Similar culture and community philosophy Comparable distribution systems Shared history of providing…
  5. APRIL 2014 CORPORATE PRESENTATION – The Laclede Group, Inc. – slide 5
    STRATEGIC RATIONALE Fits Regulated Growth Strategy Strongly Accretive Supports Growing Dividend Geographic and Regulatory Diversity THE LACLEDE GROUP ACQUISITION OF ALABAMA GAS CORPORATION 6
  6. APRIL 2014 CORPORATE PRESENTATION – The Laclede Group, Inc. – slide 6
    ALAGASCO FITS OUR GROWTH STRATEGY Supports our earnings and dividend growth goals Leverages our core competencies and regional expertise Adds a talented Alagasco management team Builds upon our recently completed MGE acquisition Adds…
  7. APRIL 2014 CORPORATE PRESENTATION – The Laclede Group, Inc. – slide 7
    CONTINUING TO ACHIEVE REGULATED GROWTH With the addition of Alagasco, pro forma EBIT increases 61 percent Regulated business mix increases to more than 95 percent ( Millions) Pro Forma Adjusted EBIT Distribution Customers 300 255…
  8. APRIL 2014 CORPORATE PRESENTATION – The Laclede Group, Inc. – slide 8
    ACCRETIVE TO EARNINGS AND CASH FLOW Immediately earnings accretive Anticipate significantly higher FY 2015 Net Economic Earnings (NEE) per share1 Accretion incremental to anticipated uplift from MGE acquisition Supports Laclede Groups…
  9. APRIL 2014 CORPORATE PRESENTATION – The Laclede Group, Inc. – slide 9
    CASH FLOW DIVERSITY AND GROWTH Alagasco generates steady and growing cash flow Immediate and meaningful uplift to operating cash flow Further enhanced by the tax basis step-up Supports capital spending plan Continuing ramp-up of…
  10. APRIL 2014 CORPORATE PRESENTATION – The Laclede Group, Inc. – slide 10
    SUPPORTS OUR GROWING DIVIDEND Laclede dividend increased 3.5% in 2014 11th consecutive year of dividend increases Dividend paid continuously since 1946 Alagasco transaction supports additional dividend growth at a sustainable payout…
  11. APRIL 2014 CORPORATE PRESENTATION – The Laclede Group, Inc. – slide 11
    TRANSACTION OVERVIEW Purchase of 100 percent of Alagasco equity by The Laclede Group Effective purchase price of 1.34 billion Total acquisition price of 1.60 billion Reduced by the net present value of the Section 338(h)(10) election…
  12. APRIL 2014 CORPORATE PRESENTATION – The Laclede Group, Inc. – slide 12
    PERMANENT FINANCING Expected transaction financing includes: Assumption of 250 million of Alagasco long-term debt Laclede Group common equity of 425 - 475 million Three-year mandatory convertibles of 100 - 175 million Mix of Laclede…
  13. APRIL 2014 CORPORATE PRESENTATION – The Laclede Group, Inc. – slide 13
    GEOGRAPHIC DIVERSITY 250 miles IL IN KY 500 miles TN AR MS LA THE LACLEDE GROUP ACQUISITION OF ALABAMA GAS CORPORATION 14
  14. APRIL 2014 CORPORATE PRESENTATION – The Laclede Group, Inc. – slide 14
    REGULATORY DIVERSITY Adds a constructive and highly rated regulatory environment Alabama PSC ranked Above Average/2 by RRA1 (top rating for any state) Strong regulatory framework in place for more than 30 years Streamlined, stabilized…
  15. APRIL 2014 CORPORATE PRESENTATION – The Laclede Group, Inc. – slide 15
    ALAGASCO: A STRATEGIC AND ACCRETIVE ACQUISITION Supports our earnings and dividend growth goals Fits Regulated Leverages our core competencies and regional expertise Growth Strategy Builds upon recently completed MGE acquisition Adds…
  16. APRIL 2014 CORPORATE PRESENTATION – The Laclede Group, Inc. – slide 16
    Q&A APPENDIX 17
  17. APRIL 2014 CORPORATE PRESENTATION – The Laclede Group, Inc. – slide 17
    RECONCILIATION FROM OPERATING INCOME TO ADJUSTED EBIT (NON-GAAP) The Laclede Group/Laclede Gas Pro Forma Entity Mix Pro Forma Laclede Gas Non-Reg MGE Alagasco in millions Laclede Group Twelve Months Ended Period 9/30/13 9/30/13…

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